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Ringgit likely to appreciate further next week
by Cals Mon 30 May 2016, 02:43
Saturday, 28 May 2016 | MYT 11:13 AM
Global oil prices, which has been on an uptrend the past week, would influence the ringgit's upward momentum, said IQI Group Chief Economist Shan Saeed.
"At present, the global benchmark crude oil price stood at US$49.48 (RM202) per barrel and if it trades between US$50 (RM204) per barrel and US$51 (RM208) per barrel, the local note will likely appreciate further to between 3.75 and 3.80 next week," he told Bernama.
Meanwhile, Dean of Business School at Malaysia University of Science and Technology Dr Yeah Kim Leng expected trading in the local currency to be confined within 3.90 and 4.00 against the US dollar.
"However, sentiment will likely remain cautious ahead of US Federal Reserve Chair Janet Yellen's comments that will give a clue on the timing of interest rate hike," he said, adding that the market will remain cautious until the announcement is made. – Bernama
[size=38]Ringgit likely to appreciate further next week[/size]
KUALA LUMPUR: The ringgit is likely to appreciate next week riding on the bullish sentiment of the local stock market, recovering commodity sector coupled with continued demand, economists said.Global oil prices, which has been on an uptrend the past week, would influence the ringgit's upward momentum, said IQI Group Chief Economist Shan Saeed.
"At present, the global benchmark crude oil price stood at US$49.48 (RM202) per barrel and if it trades between US$50 (RM204) per barrel and US$51 (RM208) per barrel, the local note will likely appreciate further to between 3.75 and 3.80 next week," he told Bernama.
Meanwhile, Dean of Business School at Malaysia University of Science and Technology Dr Yeah Kim Leng expected trading in the local currency to be confined within 3.90 and 4.00 against the US dollar.
"However, sentiment will likely remain cautious ahead of US Federal Reserve Chair Janet Yellen's comments that will give a clue on the timing of interest rate hike," he said, adding that the market will remain cautious until the announcement is made. – Bernama
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